Dealing with new people is always something of a risk, wether it is a new job, a new customer or a new suppliers, there are always risks, you don’t know how reliable they are or if they have a history of bad bebts. Some Directors even have a history of setting up companies, making them bust then setting up again, known as Phoneix companies. This is one of reasons I created and run Reporting Accounts our Business Information website.
With this in mind I use a great little free website it allows me to easily see an overview of any UK company. How long it has been trading, who its Directors are, and so on. It’s a great way to get an idea about a new contact, supplier or customer. Of course its not the same as taking a full credit report out, but those cost money. What is great about the site is that you can get an idea quickly of the size and scale of your new contact. Then to be able to make a better informed judgement about how much to spend or to rely on them.
There is nothing worse than having a bad debt and a quick check like this can help to avoid any problems. It is also a good idea to check regularly your existing contacts. Further as a supplier may be close to going bust and as you have dealt with them for years you have no other way to know that etc.
The site is called Reporting Accounts, which is a great play on the Accounting phrase “Report and Accounts” which means a companies Director Report, Balance Sheet and Profit and Loss Account.
I love using free resources, and it really bugs me to have to pay for things only to find out I can get the same or better free elsewhere, its also another reason why I love the Internet it makes so much information available for children and Adults alike.
See also our mini site on Spanglefish